Carlyle makes open offer for Allsec

Chennai, Aug 30 | Updated: Aug 31 2006, 05:30am hrs
First Carlyle Ventures is set to become a major shareholder in Chennai-based BPO company, Allsec Technologies. The Mauritius-based private equity investor, which acquired 20% stake earlier during the month in the expanded paid-up capital of Allsec for $17.1 million, has made an open offer for another 20% stake in the company. If the open offer sails through, then the private equity firm would become the majority stake holder in the company.

The promoters, who are holding close to 34% (40,90,020) as of March 31, 2006, are expected to get their holding diluted on the expanded paid-up capital of the company (from Rs 12 crore to Rs 15 crore) due to fresh allotment of 30,21,685 equity shares of Rs 10 each at Rs 260 a share to First Carlyle Ventures earlier during the month. First Carlyle Ventures has made an open offer on Wednesday along with its PACs to acquire 30,45,106 equity shares, amounting to 20% at a price of Rs 260 a share. When contacted a senior official of the company admitted that post open offer, First Carlyle Ventures stake in Allsec will exceed that of promoters holding and will have their nominees on the board of the company.

The official said with an expected majority shareholding, First Carlyle will bring in huge value to the companys business and help Allsec grow manifold in the years to come.